Ethereum Whales Sell 200,000 ETH as Analyst Predicts Potential Drop to $1,000
Ethereum Whales Sell 200,000 ETH
Crypto whales have sold 200,000 ETH in the past two weeks, worth approximately $376 million. On-chain data from CryptoQuant shows a significant drop in wallets holding between 1,000 and 100,000 ETH, decreasing from 12.77 million to 12.57 million ETH.
Ethereum Price Prediction: $1,000?
Bloomberg's Mike McGlone suggests Ethereum could revert to $1,000, similar to its 2020 price during the pandemic. He highlights a strong correlation between Ethereum's price and other risk assets, warning that a further ETH decline could signal broader market weakness.
Bitcoin's Potential Plunge to $10,000
McGlone also warns Bitcoin may drop to $10,000, drawing parallels to the Nasdaq 100's 80% collapse after the dot-com bubble. Investor sentiment has shifted, with funds moving from Bitcoin ETFs to gold ETFs, potentially impacting the S&P 500.
The crypto market faces uncertainty as whales reduce holdings and analysts predict significant price drops for both Ethereum and Bitcoin.
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